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Toyota’s China Expansion Could Hit 3.5 Million Units
Toyota Motor Corp. aims to more than triple its sales in China to 4 million units by 2030, sources tell Bloomberg News.
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Toyota Motor Corp. aims to more than triple its sales in China to 4 million units by 2030, sources tell Bloomberg News.
The bulk of the increase is expected to come from boosting Toyota’s production capacity in China from about 1.2 million vehicles today to 3.5 million units in 2030. Toyota also is targeting a fivefold increase in imports to 500,000 vehicles, according to Bloomberg.
The report echoes and builds upon a Reuters story earlier this month that said Toyota plans to boost its China capacity 50% to 2 million units by early next decade. The carmaker sold 1.3 million units in China last year.
The plan includes spending nearly 1.8 billion yuan ($260 million) to expand Toyota’s joint venture plant with FAW Group in Tianjin. This would add 120,000 units of capacity, which would be split between plug-in hybrid (110,000 units) and all-electric (10,000) vehicles.
Toyota also is working with its other local partner, Guangzhou Automobile, to build a new plant and expand an existing facility in Guangzhou, according to a recent Nikkei report. The newspaper says the new plant will be capable of producing 200,000 vehicles per year.